Tiscali confirms sell-off is on the table

Down Pompei

Tiscali has ditched its CEO and is mulling options to sell off its broadband business, including its two-million-strong UK subscriber base.

As expected, Tomasso Pompei has been replaced in the chief executive's chair by board member Mario Rosso. According to Italian reports, Rosso is seen as an ally of Tiscali's founder and biggest shareholder Renato Soru.

Pompei had been aiming to turn the firm's first ever profit this year, making it a ripe time to cash in, as bigger European rivals with deeper pockets drive the price of broadband ever lower.

Tiscali now plans to "explore options to create value for shareholders connected with the process of consolidation taking place in the European telecommunications sector," a company statement said. How's that for euphemistic?